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How does the energy efficiency credit guideline affect employment security in energy-intensive enterprises? Evidence from China

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  • Zhang, Yue-Jun
  • Zhang, Xue-Jun

Abstract

China’s Energy Efficiency Credit Guideline (EECG) is pivotal to enhancing energy efficiency in energy-intensive enterprises, yet its implications for employment security remain underexplored. Based on the panel data of China’s listed enterprises from 2011 to 2023, this paper develops a difference-in-differences model to investigate the effect of EECG on enterprise employment security and its underlying transmission mechanisms. The results indicate that the EECG reduces employment security in these enterprises, primarily through three core channels: cash liquidity tightening, labour structure adjustment and income disparity widening. Meanwhile, agonistic business responsibility mitigates the EECG’s disruptive effect on employee numbers but exacerbates its negative impact on earnings, whereas antagonistic business irresponsibility leads to the opposite outcome. The disruptive effect is more substantial in enterprises with greater labour intensity, fewer financing constraints and higher institutional investor ownership.

Suggested Citation

  • Zhang, Yue-Jun & Zhang, Xue-Jun, 2026. "How does the energy efficiency credit guideline affect employment security in energy-intensive enterprises? Evidence from China," Structural Change and Economic Dynamics, Elsevier, vol. 80(C), pages 41-52.
    • Handle: RePEc:eee:streco:v:80:y:2026:i:c:p:41-52
    DOI: 10.1016/j.strueco.2026.07.001
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